I recently posted Obama’s approach to the economy and now in an effort to be fair I will put what I could find on McCain’s approach.  I found most of the stuff on the site of culturepress; a fine site that should be checked out.

• Use $300 billion of the $700 billion financial rescue package recently enacted to buy troubled mortgages and replace them with manageable fixed-rate mortgages.
• Reduce taxes on the first $50,000 of withdrawals from IRA and 401(k) retirement accounts to 10 percent for the next two years. Currently withdrawals at retirement are taxed at regular income tax rates which range from 10 percent to 35 percent.
• Suspend rules that require retirees to begin withdrawals from retirement accounts six months after they reach the age of 70. The delay would allow retirees to ride out the current market crisis and stock market decline.
• Increase the amount of capital losses from the sale of stocks and other assets that can be written off against ordinary income to $15,000 from $3,000.
• Reduce the top tax rate on long term capital gains, currently at 15 percent, to 7.5 percent for two years.
• Exempt unemployment benefits from taxes for two years

• McCain who has typically been an opponent of government regulations, has promised new and tougher ones for the financial industry in response to the current crisis. Though he has not been specific, Mr. McCain has said he would reduce the number of federal agencies overseeing banks, thrift institutions and markets to make the chain of accountability clearer, while imposing tougher capital and disclosure requirements for financial institutions.
• He wants more corporate-governance rules, including one to let shareholders set executives’ compensation. He supports new criminal penalties for predatory lending. He would create a Mortgage and Financial Institutions Trust to identify struggling companies to help them avoid bankruptcies.
• When he splits up Fannie Mae and Freddie Mac and sells the pieces to the private sector, as he has said he would do to help resolve the housing-loan crisis, they would be stripped of their implicit guarantees of government backing.

This was the best I could do on short notice, hopefully it will help people understand what McCain is proposing for the economy.